Bitcoin continued to consolidate on Monday, ahead of U.S. debt ceiling talks with President Biden and Republican House Speaker Kevin McCarthy. It is expected that if a deal isn’t reached this week, the government will run out of cash on June 1. Ethereum was marginally higher.
Bitcoin
Bitcoin (BTC) started the week in consolidation, as markets remain hopeful of a deal to increase the debt ceiling in the United States.
BTC/USD dropped to an intraday low of $26,549.73, which comes less than 24 hours after a high at $26,986.08.
Overall, Monday’s move is the third straight day in which BTC has traded below the $27,000 mark.
From the chart, it appears that BTC has now found a firm floor at $26,300, with prices hovering slightly above that point.
In order for a significant move to take place, a ceiling of 44.00, or support at 39.00, on the relative strength index (RSI), will need to be broken.
At the time of writing, the index is tracking at 41.18.
Ethereum
Ethereum (ETH) rose slightly higher on Monday, as it once again bounced from a key support point.
Following a low of $1,793.22 on Sunday, ETH/USD climbed to a peak of $1,820.25 earlier in the day.
The drop saw ethereum near its recent price floor at the $1,790 mark, however bulls used this as a sign to reenter the market.
Still, earlier gains have somewhat dropped, with the index currently tracking close to a ceiling of 46.00.
In order for momentum to fully turn bullish, this resistance will need to be broken, which is unlikely to happen until a debt ceiling deal is reached.
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